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California; General Obligation, State GO Sep 00
Standard & Poors, Sep 2000
Abstract
The rating upgrade on California's GO bonds is due to the state's: Substantially improved general fund balances, New history of conservative fiscal budgeting, and Prospect that it will now budget financial reserves on an on-going basis. Economic growth above fiscal 2000's budget assumptions has allowed the state to advance the timed phase-in of motor vehicle fee tax cuts and increase fiscal year-end total and unreserved general fund balances to a large 11.7% and 8.5% of expenditures, respectively, on a budgetary basis of accounting. For the first time in a number of years, the state has budgeted to retain a significant portion of its reserves. Using conservative economic assumptions, the 2001 budget projects a total general fund ending balance equal to...
Companies mentioned in this report are: California
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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